Tail end coverage

[starsnstripes]

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I’ve been working in public health and am considering moving to private practice. A contract I received from a corporate chain offers malpractice “claims made” insurance policy, but contract states if I leave I must obtain “tail end” coverage for a year. How much does tail-end coverage usually cost?

 

[DocJL]

Not sure what the price is, like most insurance there are a bunch of variables you have to give the ins company for a quote, i.e., if you do any higher risk procedures like 3rd molars, perio surgery, implants as a GP, and full mouth comprehensive cases. Also any history of claims or complaints.

I would add that you should check how long the statute of limitations is in your state, I believe it's pretty common for people to be able to sue for 3 years after dental tx, so 1 years of tail coverage might not be sufficient.

 

[Vicviper]

Depending on how long you work there, and what type of procedures you're doing, you may be looking at a lot, I'd guess at least a few thousand. I had once been told that the cost of tail coverage is often similar to the price difference in occurrence compared to claims made, but times how many years you worked there - not sure if this is still accurate. A quick google search showed an insurance company that says tail coverage can often be 2-4x the final yearly premium.

 

[2TH MVR]

Don't get me started on tail coverage. I have no respect for insurance companies. After 26 years of private practice utilizing my own association's malpractice liability insurance plan ... I should have read the fine print. My insurance will provide FREE LIFE TIME tail coverage if you cover these 3 points. 1. Had current insurance for 5-10 yrs or more. Check. 2. 50-55 or older. Check. 3. Retired and not practicing any longer. Well .... sort of. I told them I was semi-retiring and will work PT for a Corp office. The Corp office provides 100% of my liability insurance.

Therefore ... they were no longer on the hook for any FUTURE liability from my employment at the Corp. I could not see the difference from a liability standpoint between completely retiring or working PT for another company with it's own liability insurance going forward. The ins co was only responsible for the patients while I was in private practice.

When I asked about the premium for tail coverage. It's a good thing I was sitting down. Substantially higher than what I was paying annually.